With the New Market Listing Widget you can now propose a new market on the dYdX Chain in 7 easy steps and a refundable bond of 2,000 DYDX.
Since the launch of the market listing widget, the dYdX Chain has demonstrated unparalleled velocity in decentralized market listings - 20 new markets have been added to the dYdX Chain in the last 6 weeks through community governance.
The community is at the heart of the dYdX Chain, with DYDX stakers being able to benefit from Staking Rewards, govern the protocol, and now contribute to the launch of new markets in a decentralized and permissionless fashion. This post aims to educate the dYdX community about the market listing tool and explain how any user with 2,000 unstaked DYDX (and some gas for fees) who believes a new market should be added can easily propose it in just 7 clicks.
Below we provide a step-by-step guide showcasing how the dYdX community may use the New Market Widget.
New Market Listing Widget
On January 31, 2024, dYdX Trading Inc. (“dYdX Trading”) announced the open-sourcing of the New Market Listing Widget software, which has been incorporated in the deployment of dYdX Chain. The widget enables users who wish to do so to create a governance proposal to add a new market to the protocol in three simple steps: (1) select a market, (2) confirm the details of the transaction, and (3) sign the transaction to launch the proposal.
1. Proposers need at least 2,000 unstaked DYDX to satisfy the minimum deposit requirement to create the governance proposal. The deposit is kept in escrow by the protocol and held by the governance ModuleAccount. When the voting period concludes, and assuming that not more than 33.3% of the DYDX participating in the vote selects the NoWithVeto option, the deposit is refunded to the proposer’s address.
2. Select a Market: The New Market Listing Widget leverages the open-source list of markets and parameters available on dydx.trade. Proposers can select the new market they wish to propose from the list of markets in the dropdown menu. More information on methodologies and how the compatibility of markets with the dYdX Chain open-source software is determined is available here.
3. Confirming the Transaction Details: Once the user selects the market they wish to propose, the Liquidity Tier for the respective market is shown for the user’s review and approval.
Currently, there are four Liquidity Tiers that group markets of similar risk into standardized risk parameters.
4. Signing the Transaction to Launch the Proposal: The proposer must verify that they have at least 2,000 unstaked DYDX in their wallet to satisfy the minimum deposit requirement for creating a governance proposal, as well as enough USDC for gas costs to sign the transaction.
5. After acknowledging the Terms, selecting “Propose New Market” will create an On-Chain governance proposal to add the respective market to the dYdX Chain.
6. After the proposal is launched, the proposal will be available for review on dYdX Chain block explorers, like Mintscan, or governance dashboards, like Keplr. Currently, the voting_period lasts for ~4 days (345,600 seconds). The proposer's DYDX deposit is kept in escrow and held by the governance ModuleAccount until the voting period is finalized.
7. After the ~4 day voting_period, the deposit is released from the governance ModuleAccount and refunded to the proposer’s address. It is worth noting that the deposit will be burned if 33.4% or more of the DYDX participating in the vote selects the NoWithVeto option, which is generally leveraged to deter the posting of spam governance proposals.
8. Proposals submitted via the New Market Listing Widget feature a Delay Message. After a proposal to add a new market is approved by dYdX Chain governance, the new market enters a Status_Initializing phase for 3,600 blocks, which is roughly 1 hour, when the market is in post-only mode. Following this period, the market automatically transitions to Status_Active and should be fully operational for trading.
Please note that the New Market Listing Widget is not the sole method for adding new markets to the dYdX Chain. Users also have the option to propose new markets by following the standard governance proposal lifecycle and procedure documented here.
The New Market Listing Widget allows any community member with at least 2,000 unstaked DYDX to propose the launch of new markets on the dYdX Chain, a new exciting and decentralized feature with great potential to scale the protocol.
If you’re interested in listing a New Market follow this guide and navigate to dydx.trade/market/new
About the dYdX Foundation
Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone. Users should not rely on this post and conduct their own research and diligence before taking any specific action, including using the New Market Listing Widget. The dYdX Foundation makes no recommendation as to how to vote on any proposal in dYdX governance, or to take any action whatsoever. The dYdX community is sovereign to make decisions freely and at its sole discretion, in accordance with the governance rules, principles, and mechanisms adopted by the dYdX DAO. The dYdX Foundation does not participate in governance decisions to be made by the dYdX community, including, without limitation, by voting on governance proposals. The dYdX Foundation may alter or update any information in this post in the future and assumes no obligation to publicly disclose any such change. This post is solely based on the information available to the dYdX Foundation at the time it is made and should only be read and taken into consideration at the time it is made and on the basis of the circumstances that surround it. Some information contained in this post has been obtained from public sources and not independently verified by the dYdX Foundation; therefore, the dYdX Foundation does not make any representations or warranties as to the accuracy or correctness of any public information mentioned or used in this post. The dYdX Foundation makes no guarantees and is under no obligation to undertake any of the activities contemplated herein.
Legitimacy and Disclaimer
Crypto-assets can be highly volatile and trading crypto-assets involves risk of loss, particularly when using leverage. Investment into crypto-assets may not be regulated and may not be adequate for retail investors. Do your own research and due diligence before engaging in any activity involving crypto-assets.
dYdX is a decentralised, disintermediated and permissionless protocol, and is not available in the U.S. or to U.S. persons as well as in other restricted jurisdictions. The dYdX Foundation does not operate or participate in the operation of any component of the dYdX Chain's infrastructure.
The dYdX Foundation’s purpose is to support the current implementation and any future implementations of the dYdX protocol and to foster community-driven growth in the dYdX ecosystem.
The dYdX Chain software (including dYdX Unlimited) is open-source software to be used or implemented by any party in accordance with the applicable license. At no time should the dYdX Chain and/or its software or related components (including dYdX Unlimited) be deemed to be a product or service provided or made available in any way by the dYdX Foundation. Interactions with the dYdX Chain software (including dYdX Unlimited) or any implementation thereof are permissionless and disintermediated, subject to the terms of the applicable licenses and code. Users who interact with the dYdX Chain software, i ncluding dYdX Unlimited (or any implementations thereof) will not be interacting with the dYdX Foundation in any way whatsoever. The dYdX Foundation does not make any representations, warranties or covenants in connection with the dYdX Chain software (or any implementations and/or components thereof, including dYdX Unlimited), including (without limitation) with regard to their technical properties or performance, as well as their actual or potential usefulness or suitability for any particular purpose, and users agree to rely on the dYdX Chain software (or any implementations and/or components thereof, including dYdX Unlimited) “AS IS, WHERE IS”.
Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone. Users should conduct their own research and due diligence before making any decisions. The dYdX Foundation may alter or update any information in this post in the future at its sole discretion and assumes no obligation to publicly disclose any such change. This post is solely based on the information available to the dYdX Foundation at the time it was published and should only be read and taken into consideration at the time it was published and on the basis of the circumstances that surrounded it. The dYdX Foundation makes no guarantees of future performance and is under no obligation to undertake any of the activities contemplated herein.
Depositing into the MegaVault carries risks. Do your own research and make sure to understand the risks before depositing funds. MegaVault returns are not guaranteed and may fluctuate over time depending on multiple factors. MegaVault returns may be negative and you may lose your entire investment.The dYdX Foundation does not operate or has control over the MegaVault and has not been involved in the development, deployment and operation of any component of the dYdX Unlimited software (including the MegaVault).
Get Involved with the Community
Become a part of our journey to reshape the financial landscape
